France's €5B debt cost jump endangers deficit reduction targets

France's debt service costs jumped over €5 billion in H1 2026, an 18% rise, threatening deficit targets that could slip from 5% this year to 6.8% by 2030. Debt costs reached €34.5 billion from January to June against a €58.6 billion annual forecast. Experts commissioned by Bercy warn the deficit could hit 5.9% of GDP in 2027 and 6.8% by 2030, versus the 3% promised to Brussels and this year's 5% target. The Middle East conflict has raised borrowing rates and fuel costs, prompting state support for farmers, fishermen, and transporters. A new military law adds €36 billion through 2030; no windfall tax targets energy groups' profits.